In the first half of this year, the economy of Azerbaijan with 28.7 billion manat index rose by 2.1%. At the same time the growth rate of GDP per capita was higher - 4.3%.
According to the State Statistics Committee, the share of non-oil sector in GDP increased from 55% to 56.3%. The share of mining and processing of oil and gas in the GDP decreased 3.9%.
The GDP was divided between industry - 46%, construction - 10.7%, agriculture and services - 31.8%, and net taxes - 7.1%. Most growth was seen in hospitality and catering - 14.8%.
From the beginning of the year, the GDP per capita amounted to 3,063.3 or $ 3,900.
In 2013, GDP per capita, Azerbaijan was ahead of most of the countries of the CIS and Georgia, and took 3rd place with $ 7912 after Russia ($ 14,618) and Kazakhstan ($ 12,933). Excluding the oil sector, Armenia is almost close to Azerbaijan: in this country in 2013, GDP per capita was $ 3,451. - 08D -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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